Reglstered number: 01560651 Charlty number., 284545 THEATRE ROYAL (PLYMOUTH) LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Bishop Flerning THEATRE ROYAL {PLYMOUTH} LIMITED (A COMPANY LIMITED BY GUARANTEEI CONTENTS Pago Reference and Administrative Details of the Company. its Trustees and Advisers Trustees. Report Trustees. Responslbllltles Statement 11 Independent AudStors' Report on the Flnanclal Statements 12-15 Consolidated Statement of Financial Activities 16 Consolidated Statement of Financial Position 17-18 Company Statement of Flnanclal Posltlon 19-20 Consolldated Statement of Cash Flows 21 Noto8 to th9 Flnancial Statements 22-48 THEATRE ROYAL (PLYMOUTHI LIMITED IA COMPANY LIMITED BY GUARANTEEI REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Dam6 Darcey Bussell DBE, Chair Bronwen Lacey, Vice Chair Anjinder Bual Alastair Coomer Sarah Fysh Shona Godefroy Lynda Grzelinski Emma-marle Huxham Andrew Ibbs Sarah McAdam Julie Nash James Pidgeon Samra Said Hannah Sloggett Dawn Willlams Company registered number 01560651 Charity registered number 284545 Reglstered offic9 Royal Parade Plymouth Devon PL12TR Chief Executlve James Mackenzie-Blackman Independent audltors Bishop Fleming LLP Chartered Accountants Sall Quay House 4 North East Quay Sullon Harboijr Plymouth PL4 OBN Bankers Nalwest st Andrew's Cross Plymouth PL4 OHY Lloyds Bank 8 Royal Parade Plymouth PL1 1LX Solicitors Womble Bond Dickinson Ballard House Wesl Hoe Road Plymouth PL1 3AE Page 1 THEATRE ROYAL (PLYMOUTH) LIMITED {A COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees, who are also directors of the company for the purposes of the Companies Act, present their annual report incorporating the stratègic report and the audited consolidated financial statements for the year ended 31 March 2025. The financial statements comply with applicable Accounting Standards in the United Kingdom, the Sialement of Recommended Practice {SORPI applicable lo charities preparing their accounts in accordance with th8 Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 {effeclive 1 January 20191, the Charities Act 2011 and the Companies Act 2006. HOW WE MANAGE OUR AFFAIRS The company number is 01560651 and registered charity number is 284545. The registered address is Theatre Royal Plymouth. Royal Parade, Plymouth. Devon, PL1 2TR. The Trustees who served in the year were-. Dame Darcey Bussell DBE, Chair Bronwen Lacey, Vice Chair, term extended to 31 March 2026 Anjinder Bual Alislair Coomer Sarah Fysh Shona Godefroy Lynda Grzelinski Emma-marie Huxham Andrew Ibbs Sarah McAdam Julie Nash James Pidgeon Samra Said Hannah Sloggett Dawn Williams Day-lo-day management of the Charity is delegated lo the Executive. who were.. James M8ckenzie-Blackrnan, Chief Ex8CUtiV8 & ArtlsliG Director Helen Costello, D8puly Chief Executivè, Finance & Opgrations James Greenacre, Director of Exl6rn81 Aff8irs, resigned 18 October 2024 Liz King, D6PUty Chi8f Ex8CUtIV8, Producing & Programming The Board of Trustees and Executive are supported by the following professional advisers.. Solicitors.. (Generall Womble Bond Dickinson, 8allard House, West Hoe Road, Plymouth, PL1 3AE {HR) Wolferslans, 60-66 North Hill, Plymouth, PL4 8EP {Contracls} Bright Solicitors, 5-11, 5 Millbay Road, Plymouth. PL1 3LF Bankers.. Icurrenl accounts) Nalwesl. Sl Andrew's Cross, Plymouth. PL4 OHY (Deposit accounts) Lloyds, 8 Royal Parade. Plymoulh, PL1 1 LX Auditor.. Bishop Fleming LLP. Salt Quay House, Plymouth, PL4 OBN Page 2 THEATRE ROYAL {PLYMOUTHI LIMITED {A COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 HOW WE GOVERN OURSELVES The Charity is a Company limited by guarantee and is governed by ils Memorandum and Articles of Assooialion. The Board of Trustees. acting in a voluntary capacity, has legal responsibility for the effective use of resources in meellng TRP'S mission, deciding policy and for providing leadership and direction. 11 meets at least four limes a year. There are five Commillees which have reported directly to the Board during the year.. Comrnittee Produ¢inA_& Programming_ External Affairs Audit: Fin8nce & Operations Equity, Diversity: Inclusion & Belongin9.... Nominations Frequency of meetlngs Min ? x.per y_ear Min ? x per year Min 4 xF..eryear Min 2 x.p.er year 1 x per year plus other limes dictated by the needs of the business In order lo support a significant project around cultural change, in March 2025 the Board also sel up the Culture & Business Transition Committee. This is focussed on supporting the Executive to drive foward internal changes. The Committee will meet monthly for al least six months, to monitor progress and provide oversighl and challenge. Trustees seNe for a Ihree-year term, after which they are eligible for re-election. Trustees are able lo complete three terms before standing down completely. There is also provision for Trustees to extend their term by one year under special circumstances. In order lo give continuity and to support TRP in a lime of change, Bronwen Lacey. Vice-chair, has renewed her term under this provision. New Trustees are selected through open recruitment, which includes use of specialist agencies as well as advertisement in the regional press and social media. The Nominations Committee has a specific brief lo consider the diversity of the Board in any Trustee recruitment, in line with the organisation's core values. In addition, particular emphasis is placed. al the time of recruilmenl, on appointing individuals who can fulfil any identified skill gaps within the Trustee body. New appointees and existing Trustees are provided wlth an induction programme and, where appropriat8, a range of other training opportunities lo help them meet their responsibilities. The Memorandum & Articles allows for co-opted members. These members ar8 not Trustees and do not have voting rights. They do. however, sil on the Commillees lo provide additional viewpoints and learn more about the role of Trustee. Al the year-end there were three co-opted members who have all commilled lo a Ihree-year term. Eliza Coulson, Emma Lawrence, James Woodhams. The Charity has an Executive Team which reports directly lo the Board of Trustees. The Executive Team is responsible for operational decision-making with guidance and approval for strategic decisions provided by the Trustees. The Chief Executive has been delegated with responsibility for the day-lo-day management of the Charity. There is an agreed Scheme of Delegation which define8 the authority pathways. The remuneration level for key management personnel is sel al the point of recruitment with reference to national market rates within the cultural economy. Thereafter, rates are subject lo annual review in the same way as the rest of the organisalion. The Charity pays all employees in line with the Real Living Wage. During the year, TRP recognised Beclu as ils trade union following a ballot of the staff. The Bectu recognition does not extend lo the Leadership Team. Page 3 THEATRE ROYAL {PLYMOUTH) LIMITED IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Theatre has one subsidiary undertaking, Talklight Limited. This company provides catering and retail facilities, and management services lo the Theatre Royal (Plymouthl Limited. Talklight Limited gener2ted an operating profil of £446k in the year (2024.. £338kJ. All profits are passed lo the Charity under the gift aid regulations. The Charily maintains a Corporate risk register which is embedded throughout the organisalion. The risks and miiigalion plans are subject lo regular review by departmental heads, the Executive and onward review by the Trustees via the Audit, Finance & Operalions IAFOI Committee. The review of the risk register, together with the monitoring of risk, both operational and strategic, by the Board of Trustees ensures that adequate and suitable controls are in plac8 to miligale known risks. The activities of the AFO Committee ensure that risk is managed in a positive and responsible manner. The Charity undertakes a programme of t8rgeled internal audits using specialist support where necessary, lo support risk miligalion. As permitted by the Articles of Association, the Trustees las direclorsl have the benefit of an indemnity which is a qualifying Ihird-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force Ihroughoul the last financial year and is currently in force. The company also purchased and maintained throughout the financial year Directors, and OffI￿rS, liability insurance in respect of Itself and its directors. Whilst the Trusloes and the Executive Team have many conne¢lions wllhin Ihe local community and the wider theatre industry, they are generally not in a position to influence any commercial transactions between the Charity and Ihese other p8rtie8. OUR CHARITABLE AIMS The primary objectives of the Charity are lo provide art, education and community engagement throughout Plymouth and the wider region. The Charity's vision is that 'logelher with the people of Plymouth and the South Wesl, we will make waves in our ocean city, ensuring we're the rnost ambitious and creative community in the country.. The mission supporting this vision is Ihat'we bring people together to create, make, build and present world-class Ihealre,. A bLtsiness plan based on this has been established for 2024-2029 and is subject lo annual review. The Leadership Team is currently undergoing a restructure lo provide more capacily and better focus towards and energy for driving the vision and mission. In selling objectives and making plans for th8 Charity, th8 Trustees have had due regard for the Charity Commission's guidance on public benefit, including the guidance 'Public benefit.. running a charity. IPB21. During the year the Charity recruited a Director of Partnerships & Philanthropy lo lead the fundraising efforts. Fundraising takes the form of either general support via Members. Ambassadors and Corpor21e Sponsors, or fundraising directed lo the public, or trusts, foundations or public sector sources for specific purposes. We keep supporters, data secure and do not sell it or share it for marketing purposes. We have voluntarily registered with the Fundraising Regulator. The Charity is supported by a small bul loyal group of eight volunteers. The group supports access needs such as audio describing and touch tours. They also support tours of the theatre and some specific welcoming duties. The volunteers are included in all staff communications, meetings and events. Paga 4 THEATRE ROYAL (PLYMOUTHI LIMITED (A COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENTS IN THE YEAR With a mission lo bring people together lo make, create, build and present world-class Ihealre, the year has brought some significant 8chievements. Make, Create, Build, Present The Charity's business plan is focussed on producing more of Its own work, especially on Ihe large-scale. 2024-25 was an unforgettable year with thre8 large scale co-productions truly marking TRP as a leading regional Ihealre. Th8 Artisl, an adaplalion of th& mulli Osc8r-winning movie, told the story of silent movie icon George V8letin. With 'Talkies' on their way, George must either find his voice in a brave new world or lose everything he holds dearlo a bygone era. The Artist starred mulli award-winning international dancer and actor Robbie Fairchild as George Val&nlin, West End favourile Gary Wilmot as Al Zimmer and introduced Briana Craig142nd Street lourl as Peppy Miller. The show played lo appreciative audiences and, amongst many great revlews, achieved a five star review from The Telegraph.. "Thealre Royal Ptymouth s stage adaptation of the Osc8r-winning film is en 8rtistlc trlumph that has 'W8St End-bound hit, written all over it." A world premiere and a counter-inluitive production that brought silent cinema and dance to the Ihealre. Discussions are underway for a future life for this production. We then went straight into staging The Devil We8rs Prada. Co-produced with Jamie Wilson Productions, with music by Sir Elton John. and starring Vanessa Williams this lour-de-force of glamour 2nd wil, ran for six weeks in Plymouth before transferring lo the Dominion Theatre in London's Wesl End where il has been playing to packed houses for the 18St six months. The current plans are to continue the run at the Dominion until January 2026 wlh an expectation that this production will have a future life in the UK and overseas. Working with Tom Fletcher lof MGFlyl, we brought lo life his chlldren's book The Cr88k8rs for the October half term. in co-production with Impossible Producing and Smith & Brant. 11 then went on lo delight families al the Southbank Centre for the festive period. Thls slory shares strong messages., environment concerns, the difficullylresolution of being different, the importance of comfflunity. The construction of the sel was held carefully within th8 Theatre Green Book parameters, and the productioll was directed by TRP'S Associate Artistic Direclor Torn Jackson Greaves. The three productions described above gave the year a real sense of 'made in Plymouth by Plymouth., wilh an opportunity lo show our international partners not only the beauty of our geographical area but also the enormous talent and skills that we hold within TRP. This success was also recognised by The Stage in its end of year round-up for 2024.. "Two Iriumphanl new shows Drew Mconie's The Artist and Ellon John's Tho Devil Wears Prad8 began Iheir journeys al this theatre. firmly establishing il as a producing powerhouse. On a smaller scale, and catering directly for our f8mily and school audiences, we also produced Raymond Brigg's Father Christmas for the second year. and Th8 Slar That Danced. for babies. These bNo shows, alongside Snow While starring Lesley Joseph, Rob Rinder. Briana Craig and Samuel Holmes, ensured a festive offer for everyone of 811 ages 8nd b8ckgrounds. In total there were 81 distinct productions across our three performance spaces. TR2 Design & Construction had another super busy year turning over £2.3m. Al this level of turnover TR2 is really bursting at the seams. Building for our own co-productions was a highlight. but we also progressed a Page 5 THEATRE ROYAL (PLYMOUTH) LIMITED IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 strong relationship with Houston Grand Opera working on 11 Trovalore and Tannhauser, with a team heading out lo the USA lo support the fit-up of both sets. In the run up to Christmas we built Jakten pa juleskurken for Drammens Tealer, No￿aY. The year has brought some new approaches lo the design and build pro￿sS, with many designs not being produced as a white-card-model bul being entirely vlrtual, together with the different approach lo projeGt management taken by overseas partners. Even with such a subslan1121 producing schedule, we manged a varied and exciting programme of presented work. Snow Mlhit8 was our best-&V8r selling panlo attracting over 57,000 people during Ihe festive season. The firsl visit of Book of Monnon played to packed houses, as did W8r Horse which was a repeal visit bul remained in high demand. In the Drum we expanded the programme of dance. The audience's reception to dan￿ on a smaller scale has been fabulous wlh everyone enjoying the intimacy of the space for wodd class dance including Aakash Odedra's Little Murmur, Paradise Los¢ by Lost Dog, Four Seasons by James Wilton Dan￿ and Amplify by Richard Chappell. Supporting regional artists, we produced In The Lady Garden {Pleasance Partnership) and Lynn Faces in the Drum before laking them lo the Edinburgh Fesliv21 for successful runs. Outlier also had a SUGcessful run, wrillen and performed by our Associate Director, Malaika Kegode. We showcased our two 'Artisls for Change, with All In and It's An Em8rgency highlighling the ch811enges of inclusivity and the climate emergency, respectively. In our Artist Development programme, amongst many other activities, we worked in partnership with Project Europa lo mentor three artists from migrant backgrounds and co-hosted. with Diverse Cily. Pomoja Dance company from Kenya to develop a new piece called E8rth, Wheels, AAr exploring how artists with disabilities tell stories through movement and physical expression. We were proud lo present Cassie & The Lights by Frozen Light Theatre, mullisensory theatre for people with profound and multiple learning disabilities. In our community work. the highlight was The Kay which celebrated the 21SI birthday of our Production & Learning Cerilre, TR2. Written, built and performed by our community. we brought together 11 community groups lo create a promenade piece al TR2, culminating in a joyous coming together. The work involved 138 young people and performers. three professional actors. nine young technicians. 10 young designers and over 40 TRP staff from the Technical, Production, Creative and Producing departments, Other highlights of the year included working with a numb@r of prison8rs to create a moving performance in Channing's Wood prison. Through the generosity of the Cl8re Milne Tnjst we have installed two Changing Places toilets, facilities that support people with very limited mobility. These facilities allow everyone to access spaces and join in the extensive range of activities at TRP. FINANCIAL REVIEW TRP is reporting an overall surplus of £1.4m (2024.. £1.4m deficit). This comprises differing fund results.. A deficit of £0.1 m in general funds A surplvs of £2.Om in designated funds A deficit of £0.5m in the restricted funds. This deficit includes depreciation of £0.4m charged against capital projects. The restricted funds include specific grant-funded projects which are all community fo¢us8ed. Gener81 funds.. With such a lol of producing in the year there was significant risk lo the general fund bul strong shows, the University of Plymouth graduations and the besl-ever panto minimised the Impact. The final result was affected by low profitabillty in TR2 Design & Construction and on Disney and Cameron Mackinlosh's Mary Poppins. We were excited to welcome Mary Poppins bul in a year with so many large- scale shows il produced a lower-than hoped return. Following thls result, we are l¢x>king more closely at our revenue management processes and the length of runs for big-brand musicals. Page 6 THEATRE ROYAL {PLYMOUTH} LIMITED IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Designated funds.. Over the last four years TRP has been progressing an insurance claim in respect of business interruption due lo the pandemic. This claim was settled in December 2024 and the funds are now held for projects approved by the Board and for future investment opportunities. TRP remains a National Portfolio Organisalion (NPO) of Arts Council England {ACEI for the period 2023- 2026 on standstill funding of £1.2m per year. An application for extension funding for 2026-27 is in progress, w(Ih potential further extension funding being announced by ACE for 2027-28. Plymouth City Council {PCC) has confirmed an annual commitment lo the theatre of £265k (2024." £265k) for whicli TRP is oxlremely grateful given Ihe current economic pressures on PCC. Both these income streams provide much appreciated. essential funds for Ihe continuity of TRP'S work in Plymouth and the South Wesl. TR2 Design & Construction has had another extremely busy year. This year the team has sustained turnover al £2.1m 12024.. £2.3ml. There continues lo be a balance. between large scale builds and medium scale builds. which has maximised the space And skills available. Considerable pressure on the cost of materials and of labour has constrained margins generally. and whllsl the mld-seale shows have made good contributions, the large-scale shows have shown a more limited return. Both the Workshop and Project Development le8ms are feellng the benefits of the generous funding from The Theatre Artists Fund which has enabled significant training of mid-career makers and draughls-people. The move into international work over the last couple of years has built strong relationships and the focus on opera {and ils long planning timescales) has allowed the Workshop to minimise downlime. Talklight Ltd Ithe cateiing & retail subsidiary) has had a record year., with tho record panlo and the University of Plymouth graduations we have achieved the highest contribution lo date of £446k {2024.' £338kl from a turnover of £1.4rrb {2024.. £1.3m). The net profil margin achieved is now 32Yo compared lo 26 % in 2023-24. During the year we ran the café and the Green Room but there was no restaurant service. Towards the end of the year, we introduced a sharing platter offer for pre-show visitors which has been well received. The Green Room has grown in popularity and is now a key part of our offering for visiting companies. Talklight Ltd will gift aid profits to the Charity. Work with our communities is 8 principal ch8rllable purpose and, amongst other things, creates a gateway into our talent development work. In line with the development of a new creative strategy anLI business plan, this area of our work has been subiect to review. With limited resources we need to ensure that the work is focussed and relevant to our communities in Plymouth and the Soulh Wesl. This year has been spent really considering how we lake this work foward in a meaningful and strategic way. This work (including 121enl development} and many other significant, individual projects were supported by generous Trusts & Foundations and corporate partners as detailed in note 24 to these accounts. These grants are essential to the conlinualion of this wide-reachlng work, allowing both range and reach lo b8 expanded. We are grateful that Trusts & Foundations and corporal6 partners have continued lo support us. Where grants are given for specific projects. they are held within reslricled funds {see below)- TRP recognises that In the years ahead our own contribution to Ihis work needs lo decrease and we need lo generate more resources from extern81 sources. This is a key focus for the new Director of Partnerships & Philanthropy. During the year, the average number of employees (headcount basis) in the group remained ststic al 272 {2023-24.' 2721. 550/0 of these slaff12023-24.. 59/0) are casual or part-lime staff. We are committed to fostering a culture of inclusion at TRP with a workforce Ihal reflects the diversity of the communities we serve. The collective power of each team member's life experiences, knowledge, innovation. self-expression, and talent creates the very best environment for us lo achieve our ambitions and lead the sector. In recruiting for our team, we recognise the unique contributions that each person can bring in term8 of education. opinions, culture. elhnicily, race. sex, gender identity and expression, nation of oiigin, age. langtjages spoken. colour. religion, disablllly, sexual orienlalion and belief. Every two weeks we share our news through 'The Round Up, which goes to everyone at TRP. Al least twice a year we hold general staff meetings lo offer infomialion sharing and an opportunity for questions. Following the year end we are starting monthly 'Town Halls, online which are live webinars and are also available for Page 7 THEATRE ROYAL IPLYMOUTHI LIMITED (A COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 everyone digitally after the event. The Town Halls will also provide an opportunity for le8dership lo respond to questions and for people outside of the Executive lo communicate to the whole organisalion. Resehves Policy. During the year the Board reviewed the Reserves Policy. Using the agreed methodology the Trustees have confirmed that TRP is required to hold unrestricted reseNes of £1.8m12024.' £1.8ml. At the year end the Trustees are confident that the Charity holds sufficient furids in unreslrided reseryes Igeneral and designated funds). The level of the reserves is reviewed annually and is considered to be the appropriate level of funds, as determined by the Board of Trustees. The Trusl8es have agreed that al no point should the lolal designated and unreslricled reserves fall below the funds required lo wind up the Charity. Designated funds are unrestricted funds that have been eamiarked by the Board of Trustees for particular purposes. Designated reserves have been created to fund significant projects Ihal all support the Charity's objectives and that will ensure that the organisation and its assets are fi'l for purpose and in good shape for the future. Reslricled funds are only lo be used for specific purposes. These funds have been generated by capital projects such as the building of the Charity's Production & Learning Centre al TR2, a Capital Appeal, the Regeneration Project and as such Ih&y will cover the fulure depreciation of the resulting assèts. Reslricled funds also include specific grants provided for Engagement & Learning work. The use of these funds is restricted by the original intent of the donation or grant funding. Further details about the reserves held can be found in note 23 to the88 accounts. TRP Is 2 National Portfolio Organlsation (NPOI of Arts Council England. A funding agreement Is in place that will offer Isubjecl lo terms & conditions) annual funding of £1.2m for 2023-26. In 2024 il was announced that the funding period would be Increased to cover 2026-2027 as well and we are awaiting confirm81ion of this. Inveslment policy.. By monitoring cash flow, an 8ssessment of short lo medium cash needs allows the surplus to be invested. The Charity geeks lo produce the best financial return within a low-risk environment. As a proportion of the assels are held pending payment on to third parties, capital preservation is of paramount importance. Deposits are placed wlh Lloyds Bank andlor Nalwesl on varying timescales 132 days to one yearl. The Trustees consider Lloyds Bank and Nalwesl to be appropriate partners aligned with the values of the Charity. Going Concem.. The Trustees have considered the validity of the golng concern assumption held wlhin the presentation of Ih6se accounts. By considering cash flow, significant risks. ACE funding and the context of tho national cultural environment. the Trustees are confident that the Charity does nol have concems for the next 12 months, or indeed for the period following that. Princip81 rAsks & uncertainties: In delivering the chari12ble aims. the Trustees are mindful of the risks involved and have reviewed these risks and the plans to mitigate them. as part of the overall planning process. The Risk Register is reviewed regularly by both the Executive and the Trustees. Key idenlilied risks are: Failure to meet artistic ambilions and failure lo maintain quality & diversily of programnying (Sl on Risk Register), miligaled by: A new Creative Leadership structure with new working practices is being evolved. Regular discussion and feedback with funding partners and industry-wide collaboration Recognising the interplay of lalenl development with the progression of the artistic programme. Plans are being formulated for future years which will require creative and innovative ways of pmducing lo ensure Ihal resources are used lo maximum affect. Continuing lo actively programme the Lyric and Drum so that performance reflects a diversity of genre. Regular discussion and review by the Creative Leadership Team Page 8 THEATRE ROYAL {PLYMOUTH) LIMITED IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Failure to preparè for climalè change (S8 on Risk Regis16rJ, mitlgaled by- Recognition of sustainabililylenvironmenlal requirements as 8 pillar of the TRP business plan meanlng th81 they are Considered within all decision-making Collaboration with industry experts at UK Theatres. ACE and withln industry peers On-going education within the teams Significant use of reseNes (F9 on Risk Register), mitigated by.. Regular review of reseNos by the Exaculive and the Board Increased frequenGy of reforeGasling the budg61 Applications to 811 potential funding sources Focus of the work of the Director of Partnerships & Philanthropy Reduction of PCC funding (F15 on Risk Register), miligaled by.. Strong relationships with key PCC personnel Slrucluring of an annual Grant Agreement TRP business planning consideringlrecognising fulfilmenl of PCC objectives. Monitoring of reporting requirements by Head of Governance LOOKING FORWARD The year has been spent evolving our new vision and misslon and ensuring we are in the right shape to drive this ambition foNard. Producing will be the core of our business plan and the rhythm of a planning year followed by a producing year is starting lo lake shape. In 2025-26 we will develop 'Summer In Th8 Scene Dock,, a community focused month of activity and crealivily. Running alongside Hamilton, the scene dock will be transformed into a festival site that will offer all outdoor performance space as well as Spa￿ for local groups lo run their own activities. A real summer in the city moment. Throughout 2025-26 we will be working with co-produclng partners to develop a large scale production in the summer of 2026-27. We will also be co-producing work in the Drum and co-produclng a show al Edinburgh Festlval in partnership with Pleasance Theatre. W8 will be developing several new mid- to large-scale projects throughoul 2025-26 with 8 view to producing them in 2026-27 and beyond. The year ahead will also be used to consider the capital needs of TRP. The theatre is now over 40 years old and the￿ are various aspects of ils infrastructure that need attention. In 2032 TRP will celebrate ils 50th anniversary and we want to make sure TRP is fil for purpose for the second half of its century. Producing and Programming TRP will focus on six slrands of crealivily in our work in the years aheaLI. These are.. Theatre Dance Children, Young People and Families Co-crealed & Outdoor work Artist Development Scenic Design and Construction. Threaded through all this work and ils related decision-making will be four underlying pillars, the found81ions of TRP.. AUdien￿S & Participants.. Diversity & Inclusion.. Climate Emergency,. Social Value. The new Creative Slrategy reflects our producing aims which, although inlernalional in ambition, are Securely embedded in Plymouth and the South Wesl. Page 9 THEATRE ROYAL {PLYMOUTHI LIMITED {A COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Teams and work practic&s TRP has a highly skilled and dedicated team of department heads who support TRP lo fulfil its creative ambition and lo deliver its charitable objectives. This leadership team will go through a review prO￿$S in 2025-26 to ensure we are in the right shape, with appropriate capacity and skills lo ensure the success of TRP'S business plan throughout 2025-26 and beyond. To this end we will employ a Transformation Associate lo support any strucluml chgnges and lo examine the effectiveness and efficiency of our work practices. The following plans are crucial to the success of the Charity in fulfilling its charitable objectives.. We will have a clear Greatlve strategy for our slx artform areas.. Theatre. dance. children. young people & families,. co-created & outdoor work., artlst development. scenlc deslgn & construction. We will produce more of our own woyk allowing us to deepen our relationships with subsidised and commercial theatre producing partners. We will generate more Income from fundraising. We will consider all we do through the four foundation plllars.. Audlences & partlclpants; cllmate emergency. dlversity & Inclusion,. social value. And we will do this in the context of our values.. Creativity, collaboration, diversity and quality., values that are understood and reflected by all at TRP. We continue lo receive funds from Plymouth City Council (PCC) based on an annual grant agreement. Funding is at £265k per year {2023-24.. £265kl. We will continue to demonstrate lo the leadership of PCC the value that TRP brings lo Plymouth and seek an on-going commitment from PCC that matches the ACE funding period. DISCLOSURE OF INFORMATION TO AUDITORS Each of the persons who are Trustees al the time when this Trustees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware., and that Trustee has taken all the steps that ought lo have taken as a Trustee in order lo be aware of any relevant audit information and lo establish that the charitable group's auditors are aware of that informalS0n. AUDITORS The auditors, Bishop Fleming LLP, have indicated their willinglless to continue in office. The designated Trustees will propose 8 motion reappointing the auditors al a meeting of the Trustees. The Trustee's Report. incorporating the Slr81egic Report, was approved by order of the Board of Trustees and slgned on its behalf by rxCQL 8ronwen La¢9 Vice Chair of Trustees Date.. /5 Pag& 10 THEATRE ROYAL IPLYMOUTHI LIMITED {A COMPANY LIMITED BY GUARANTEEI STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees (who are also the directors of tho Company for the purposes of company lawl are responsible for preparing the Trustees, Report including the Strategic Report and the financial slalements in a¢cordan¢e with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requiies the Trustees lo prepare financial statements for e8ch financial year. Under company law, the Trustees musl not approve Ihe financial statements unless they are satisfied that they give a true and fair vlew of the slate of affairs of the Group and the Company and of their incoming resources and application of resources, including Ih8ir income and expenditure, for that period. In preparing these financial slalemenls, the Trusteas are require(J lo: select suitable accounllng policies and then apply them consistently.. obsetve the methods and principles of the Charities SORP IFRS 1021 make judgements and accounting eslimales that are reasonable and prudent: slate whether applicable UK Accounting Stsndards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial slalemenls., prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Group will continue in business. The Trustees are responslble for keeping adequate accounting records that are sufficient lo show and explain the Group and the Comp8nVs transactions and dI￿10$e wth reasonable accuracy al any lime the financial position of the Group and the Company and enable them to ensure that the financial statements comply wlh the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularilies. Approved by order of the members of the Board of Tnjslees and signed on behalf by.. UJ 8ronwen Lac Vlce Chair of Trustees Dale.. IS . .7. 'Lo21 Page11 THEATRE ROYAL IPLYMOUTHI LIMITED IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THEATRE ROYAL {PLYMOUTH) LIMITED OPINION We have audited the financial slalemenls of The8lre Roy81 (Plymoulhl Limited (the 'parent charitable companll and ils subsidiaries (Ihe 'group'l for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities Ilncorporating Income and Expenditure Account), the Consolidated Statement of Financial Position. Ihe Company Statement of Financial Position, the Consolidated Slalemenl of Cash Flows and the related notes, induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Flnancial Reporting Standard 102 'The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial slatemenls: give a true and falr view of the slate of the Group's and of the parent charitable companys affairs as al 31 March 2025 and of the Group's incoming resources and application of resources. including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared In accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance wilh Inlernalional Slandarés on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We afe independent of the GroLtp in accordance with the ethical requirements Ihal are relevant lo our audit of the financial stslemenls in the United Kingdom, induding the Financial Reporting Counol's Ethical Standard, and we hav8 fulfilled our other ethical responsibilities in accordan￿ with these requirements. We believe that the 8udit evidence we have obiained is sufficient and appropriate lo provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the Trustees, use of the going con￿r￿ basis of accounting in the preparation of the financial slalements is appropr¢ale. Based on the work we have performed, we have not identified any material uncert2inties relating lo events or condillons that, individually or collectively, may cast significant doubl on the Group's or the parent charitable companls ability lo continue as a going con￿rn for a period of at least twelve months from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are de$￿Ibed in the relevanl seGlions of this report. Page 12 THEATRE ROYAL IPLYMOUTH) LIMITED IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THEATRE ROYAL {PLYMOUTHI LIMITED ICONTINUEDI OTHER INFORMATION The other information comprises the information inclLJded in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information eontaine(J within the Annual Report. Our opinion on the financial statements does not cover the other information and, except lo the exlenl otherwise explicitly slated in our report, we do not express any form of assuran￿ conclusion Ihereon. Our responsibllily Is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit, or olhetwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required to determine whether this gives rise to a material missl8lemenl in the rinancial stslemenls themselves. If. based on the work we have performed. we conclude that there is a material misstalem8nl of this other information, we are required to report that f8ct. We have nothing to report in this regard. OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audll.. the information given in the Trustees, Report including the Strategic Report for the financial year for which the financial statements are prepared is consislenl with the financial statements. the Tiuslees, Report and the Strategic Report have been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In Ihe light of our knowledge and understsnding of the charitable company and ils envlronmenl obtained in the course of the audit, we have not identified material misst8lemenls in the Trustees, Report including the Strategic Report. We have nolhlng lo reFX)rt in respect of the following mallers in re181ion lo which Companies Act 2006 requires us lo report lo you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting record8, or returns adequate for our audit have not been received from branches not visited by us.. or the parent charitable company financial slalements are not in agreement with the accounting records and returns., or certain disclosures of Trustees. remuneration specified by law are not made. or we have not received all the information and explanations we requir9 for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in the TrLtstees' Responsibilities Statement. the Trustees Iwho Are also the directors of the ¢harilable company for the purposes of company lawl are responsible for Ihe preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the Group's and the parent charitable company's ability lo continue as a going concern, disclosing, as appllcable, matters related lo going concern and using the going concem basis of accounting unless the Trustees either intend lo liquidate the Group or the parent charitable company or lo cease operations, or have no realistic allernalive bul to do so. Pagg 13 THEATRE ROYAL {PLYMOUTHI LIMITED IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THEATRE ROYAL {PLYMOUTHI LIMITED {CONTINUEDI AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from m8le¥ial misslalemenl, whether due lo fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delecl a material misstatement when il exists, Misslat&menls can arise from fraud or error and £re considered material if. individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users 18ken on the basis of these financial slatemenls. Irregularities, including fraud, are Instances of non-compliance wllh laws 8nd regulations. We design prO￿dureS in line wth our responsibllilie8, outlined above, to detect material misstalemenls in respect of irregu12rities. including fraud. The extent to which our procedures are capable of detecting Irregularllles, including fraud is detailed below.. We have considered the nature of the industry and sector, control environment and business performance: We have considered th8 results of our enquiries of management and the the Board about their own identification and assessment of the risk of irregularities. For any mallers idenlifled we have obtained and reviewed the parent charitable company's doctjmenlation of their policies and procedures relating lo,. Identifying. evaluating and complying with laws and regulations wh6ther they were aware of any instances of non-compliance., Delecling and responding lo the risk of fraud and whether they have knowledge of actual, suspected or alleged fraud- and The inlerngl controls established lo mlligate the risks of fraud or non-compllance with laws and regulations. We have considered the rnallers discussed among the audit engagemenl team, including internal tax specialists, regarding how and where fraud might occur in the finanaal statements and potential indicators of fraud. As a result of these procedures. we have consldered the opportunities and incentives that may exist within the organisalion for fraud and identlfied the hlghesl area of risk lo be in relation lo income recognition, with a particular risk in relation lo year-end cul off. In common with all audits under ISAS IUKI we are also required lo perform specific procedures to respond to Ihe risk of management override. We also obtained an underslanding of the legal and regulatory frameworks Ihal the Charilable Group and Company operates in, focusing on provisions of those laws and regulations Ihal had a direct effect on the delerminalion of materi81 amounts and disclosures in the fin2nci21 slatemenls. The key laws 2nd regulations we considered in this context included the Charities SORP IFRS 102) - Accounting and Reporting by Charities and the Financial Reporting Standard applicable in tha UK and R9public of Ireland IFRS 1021. In addition. we have considered provisions of other laws and regulations that do not have a direct effect on the financial slalemenls bul compliance with which may be fundamental lo the Charitable Group and Companls ability lo operate or lo avoid a malgrial penalty. These include data protection regulations, health and safety regulallons, licensing acts and employment legislation. Our procedures lo respond lo risks identified included the following.. Documenting and validating the control envlronment for income and debtors and carrying out walklhrough 18sling' Undertaking subslanlive sample-based lesling or proof in lolal calculations on all material revenue streams to ensure revenLJe has been recognised appropriately and accurately.. Considering manual income journals as part of our work on fraud risks documented above., Reviewing the financial slalemenl disclosures and lesling lo supporting documentation., Enquiring of managemenl Con￿rning actual and potential litigation claims.. Performing analyLical procedure5 10 identify any unusual or unexpected relationships that may indicate risks Page 14 THEATRE ROYAL {PLYMOUTHI LIMITED {A COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THEATRE ROYAL IPLYMOUTHI LIMITED ICONTINUEDI of material misstatement., Reading minutes of meeb'ngs of those charged with govern2noe,' and In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjuslmenls,. assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any sign￿fiCant Ir8nsaclions that are unusual or outside the normal course of business. We also communicated relevant laws and regulations and potential fraud risks lo all engagement team members and remained alert lo any indications of fraud or non-complian￿ with laws and regulation8 Ihroughout the audit. Our audit procedures were designed to respond lo risks of material misstslemenl in the financlal statements, recognising that the risk of not delecling a material misslalemenl due lo fraud is higher than the risk of not delecling one resulting from an error, as fraud may involve deliberate concealment by. for example, forgery, misropresenlalions or through collusion. There are inherent limilalions in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and Iransacliolls reflected in Ihe financial stalemenls, the less likely we would become aware of it. A further description of our responsibilities for the audit of the financlal slalemenls is located on the Financlal ReF)Orting Council's website at.. www.frc.o .uklauditorsres onsibililies. This descriplion forms part of our Auditors, Report. USE OF OUR REPORT This report is made solely lo the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been undertaken so that we might slate lo the charitable companvs members those matters we are required lo slate lo them in an Auditors, Report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibllity lo anyone olher than the charitable company and ils members, as a body, for our audit work, for this report, or for the opinions we have formed. Allson Ollver FCA (Senior Statutory Auditor) for and on behalf of Blshop Flemlng LLP Chartered Aceounlanls Slatulory Auditors Salt Quay House 4 North East Quay Sullon Harbour Plymo(Jth PL4 OBN Page 15 THEATRE ROYAL IPLYMOUTHI LIMITED IA COMPANY LIMITED BY GUARANTEEI CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Utirestricted funds 2025 £000 Restrictad funds 2025 £000 Total funds 2025 £000 Total funds 2024 £000 Note INCOME FROM: Grants, donations and legacies Charitsble activities Other trading aclivilies Investments Other inoome 2,095 17.316 1,366 233 2,083 319 2.414 17,316 1,366 233 2,083 2,420 13,480 1,273 196 TOTAL INCOME 23,093 319 23,412 17,369 EXPENDITURE ON: Raising funds Charitable activities 1,063 20,097 1,063 20,896 1,063 17,728 799 TOTAL EXPENDITURE 21.160 799 21,959 18.791 Net incomel{expenditure) before taxation Taxation 1,933 121 14801 1,453 {21 {1,422} Net incomellexpendtture) after taxatlon Transfers between furkds 1,931 141 (4801 1,451 (1.4221 23 NET MOVEMENT IN FUNDS 1,927 {476} 1,451 11,4221 RECONCILIATION OF FUNDS.. Total funds brought fomard Net movement in funds 3,198 1.927 9.787 {4761 12,985 1,451 14.407 11,422) TOTAL FUNDS CARRIED FORWARD 5,125 9,311 14,436 12,985 The Consolidated Slalement of Financial Activities indudes all gains and losses r8cogni88d in the year. The notes on pages 22 10 48 form part of these financial slalemenls. Pag8 16 THEATRE ROYAL {PLYMOUTHI LIMITED {A COMPANY LIMITED BY GUARANTEEI REGISTERED NUMBER.'01560651 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 2025 £000 2024 £000 Noto FIXED ASSETS Tangible assets Heritage assets 14 9,994 499 10,548 502 15 10,493 11,050 CURRENT ASSETS Stocks Debtors Investments 17 18 19 27 95 1,715 4,000 8,765 101 797 Cash at bank and in hand 8.381 14,575 9,279 Creditors.. amounts falling due within one year 20 110,5391 16,889} NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 4,036 2,390 14,529 13,440 Creditors.. amounts f811ing due after more Éhan one year Provisions for liabilities 21 12591 11961 22 {93) TOTAL NET ASSETS 14.436 12,985 Page 17 THEATRE ROYAL IPLYMOUTH} LIMITED IA COMPANY LIMITED BY GUARANTEEI REGISTERED NUMBER:01560651 CONSOLIDATED STATEMENT OF FINANCIAL POSITION {CONTINUEDI AS AT 31 MARCH 2025 2025 £000 2024 £000 Note CHARITY FUNDS Restricted funds Unreslricled funds.. 23 9,311 9,787 Designated funds General funds 23 23 4,492 633 2,452 746 Total unrestrlcled funds 23 5.125 3,198 TOTAL FUNDS 14,436 12,985 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo aGGounling records and Preparation of financial slalements. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Bronwan Lacoy Vice Chair of Trustee Dale: /5 The notes on pages 22 to 48 form part of these financial slalements. 2025 Pago 18 THEATRE ROYAL (PLYMOUTHI LIMITED (A COMPANY LIMITED BY GUARANTEEI REGISTERED NUMBER.'01560651 COMPANY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2025 2025 £000 2024 £000 Note FIXED ASSETS Tangible assets Heritage assets Investments 14 9.994 499 10.548 502 15 16 10,493 11.050 CURRENT ASSETS Stocks 17 65 1.701 4,000 8,710 70 792 Debtors Inv8slmenls Cash al bank and in hand 18 19 8.310 14,476 9,172 Creditors.. amounts falling due within one year 20 110,909) {7,138) NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 3,567 2,034 14,060 13,084 Cr8ditors.' 8mounls falling due after more than one year Provisions for liabilities 21 (2591 11991 1941 TOTAL NET ASSETS 13.966 12,626 Page 19 THEATRE ROYAL {PLYMOUTHI LIMITED IA COMPANY LIMITED BY GUARANTEEI REGISTERED NUMBER.'01560651 COMPANY STATEMENT OF FINANCIAL POSITION {CONTINUEDI AS AT 31 MARCH 2025 2025 £000 2024 £000 Note CHARITY FUNDS Reslricled funds Unreslricled funds.. 23 9.311 9,788 Designated funds General funds 23 23 4,492 163 2,452 386 Total unreslrlcted funds 23 4.655 2,838 TOTAL FUNDS 13,966 12.626 The Companls nel movement in funds for the year was £1,342,00012024 - £11,382,000)). The Trustees acknowledge their responsibilities for complwng wth the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements were approved and 8ulhorised for issue by the Trustees and signed on their bohalf by.. Bron n Lacey Vice Chair o Trustee Dale.. /S The notes on pages 22 10 48 form part of these financial statements. Page 20 THEATRE ROYAL {PLYMOUTH} LIMITED {A COMPANY LIMITED BY GUARANTEEI CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 £000 2024 £000 Note CASH FLOWS FROM OPERATING ACTIVITIES Net cash (used inll prowded by operating aclivilies 26 4,262 1109) CASH FLOWS FROM INVESTING ACTIVITIES Bank interest re￿iVed Purchase of tangible fixed assets Investment in short term deposits 233 (1111 14,0001 196 15151 NET CASH PROVIDED BYI{USED INI INVESTING ACTIVITIES {3.8781 {3191 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 384 1428) 8,809 Cash and cash equivalents al the beginning of the year 8.381 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 27 8.765 8,381 The notes on pages 22 10 48 fonn part of these financial statements Page 21 THEATRE ROYAL IPLYMOUTH) LIMITED (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 GENERAL INFORMATION The company is limited by guaranlefj and has no issued share capital. The liability of ils members shall not exceed £1 each. The registered office address is Theatre Royal, Royal Parade, Plymouth, Devon, PL1 2TR. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Chari116s'. Slat8menl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Fin2nci21 Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 10218nd the Companies Act 2006. Theatre Royal (Plymoulhl Limited meets the definition of a public benefil entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othen￿lSe staled in the relevanl accounting policy. The Consolidated Statement of Financial Activities Ilncorporaling Income and Expenditure Account) {SOFAI and Consolidated Slalemenl of Financial Position consolidate Ihe financial slalemenls of the Company and ils subsidiary undertaking. The results of the subsidiary are consolidated on a line by line b2SIS. The Company has taken advantage of the exemption allowed under seclion 408 of the Companies Acl 2006 and has not presented its own Slalemenl of Financial Aclivili&s in these financial slatemenls. 2.2 GOING CONCERN After making enquiries, the Trustees have a reasonable expsclalion that the group has adequate resources lo continue in operational existence for the for6S6eable future. The group therefore continues lo adopt the going concern basis in preparing ils financial slalemenls. The Trustees and Executive have completed delai18d cash flow forecasts and budgets that support the going concern basis for these accounts. The forecasts include key assumptions based on the current programme. With planned programming stretching into 2028, the Trustees have confidence in the sustained contribution from the Lyric. Following a significant producing year in 2024125, the budget for 2025126 includes community focussed produclng with the 9xpeclat4.on of large scale pr(￿UcIng in 2027. Whilst we recognise that the impact of significant increases in the cost of living and the consequences of the continuing global Conflicts may affect holh the Theatre's income streams and ils cost base. we also have ambitions For largeled fundraising to support our cornmunity and outreach work by covering elements of our cora costs. Page 22 THEATRE ROYAL (PLYMOUTH) LIMITED {A COMPANY LIMITED 8Y GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Icontlnued) 2.3 INCOME All income is recogni88d once the Group has entillemenl to the income, it Is probable that the Income wlll be recelved and the amount of income receivable can be measured reliably. Box office income comprises the sale of lickels lo both In house and third party productions held al the Theatre and is recorded before deduction of credit card and other charges. Box office receipts are initially recognised as deferred income and are recognised as income once the perfom8nce lo which the a(ivan¢ed sale relates has taken place. The charity applies the Cultural VAT Exemption on applicable income. Royalties received comprise amotjnts due from third parties for performances of the charity company's productions al venu68 other than the Theatre. Royalties are recognlsed once the perfomance lio which the royalty relates has taken place. Income 8rising from sponsorship and donations are included in Ihe Consolidated Statement of Financial Activities {Ineorporating Income and Expenditure Account) in the period in which they are applicable. Grants are Included in the Consolidated Slalemenl of Financial Activities Ilncorporaling Income and Expenditure Account) on an enlitlemenl basis. The balance of income received for specific purposes but not expended during the period is shown in Ihe relevant funds on the Balance Sheet. Where income is received in advance of enlitlemenl, ils recognition is deferred and included in creditors as deferred income. Where enlillemenl occurs before income is received. the income is accrued. Income lax recoverable in relation lo investment income is recognised at the lime the Snvestment income is receivable. Other income is recognised in the period in which 11 is receivable and lo the oxlenl the goods have been provided or on completion of the seNice. 2.4 EXPENDITURE Expenditure is recognised once there Is a legal or constructive obligation lo transfer economlc benefit lo a third party, il is probable that a transfer of eGonomic benefits will be required In Selllemenl and the amoLJnt of the obligation can be measured reliably. Expenditure is classified by aclivlly. The costs of each activity are made up of the tolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs atlribulable lo a single 8clivity are allocated direolly lo that activity. Shared costs which contribute lo more than one activity and SLJPPOrt costs which are not altribulable lo a single activity are apportioned between those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciatio charges allocated on the portion of the asset's use. Expenditure on raising funds indudes all expenditure incurred by the Group lo raise funds for ils charitable purposes and includes costs of all fundraising activities events and nondiarilable trading. Expenditure on charitable activitles is incurred on directly undertaking the activities which further the Group's objeclives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 23 THEATRE ROYAL IPLYMOUTHI LIMITED (A COMPANY LIWIITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES leontinuedl 2.5 INTEREST RECEIVABLE Interest on funds held on deposit is induded when receivable and the amount can be measured reliably by the Group,. this is normally upon nolificalion of the interest paid or payable by the inslilulion wllh whom the funds are deposited. 2.6 TAXATION The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definit￿0￿ of a charitable company for UK corporation lax purposes. Accordingly. the Company is potentially exempl from laxalion in respect of income or capital gains re￿iVed within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively lo charitable purposes. 2.7 TANGIBLE FIXED ASSETS AND DEPRECIATIOM Tangible fixed assets costing £1,000 or more are capilalised and recognised when futLJre economic benefits are probable and the cost or value of the asset can be measured reliably. T2nglble fixed assets are initially recognised al cost. After recognition, under the cost m￿e1, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impaimenl losses. All costs incurred lo bring a tsngible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the slraighl-line methtsd. Depreciation is provided on the following bases.. Long-term leasehold property Equipment & motor vehicles Belw6en 10 and 50 years Between 3 and 15 years 2.8 HERITAGE ASSETS Where heritage assets have been purchased. they are inltially recognised al cost. After recognition, under the cosl model, heritage assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. The estimated useful lrfe Is.. Heritage Assets 30 years 2.9 INVESTMENTS Fixed asset investments 8re a form of financial instrument and are initially recognised 81 their transaction cost and subsequently measured al fair value at the Balance Sheet dale, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on inveslmenls, in the Consolidated Slalemenl of Financial Activities {Incorporating Income and Expenditure AccoLJnll. Investments in subsidiaries are valued at cost less provision for impairment. Pago 24 THEATRE ROYAL {PLYMOUTHI LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (contlnuedl 2.10 STOCKS Stod(s ar6 valued on a first in first out basis at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.11 DEBTORS Trade and other debtors are recognised at the selllement amount after any trade discount offered. Piepaymenls are valued at the amount prepaid nel of any trade discounts due. 2.12 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash 2nd short-temi highly liquid investments with a short malurily of three months or less from the date of acquisition or opening of the deposit or similar account. Any Investments wlth a longer maturity between three to twelve months are Classified as current asset inveslmenls. 2.13 LIABILITIES Liabllilies and provisions are recognised when there is an obligation al the Balance Sheet dale as a result of a past event, il is probable that a transfer of economic benefit wall be required in settlemenl, and the amount of the selllemenl can be eslimaled reliably. Liabilities are recognised al the amount that the Group anlicipales it will pay to settle the debt or the amount il has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to sellle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al tha pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Slalemenl of Financial Activities {Incorporaling Income and ExpendSlure Account) as a finance cost. 2.14 FINANCIAL INSTRUMENTS The Group only has financial assets and financial liabilities of a kind th81 qualify as basic financial inslnjmenls. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value Mrilh the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.15 PENSIONS The Group operates two defined contribution pension schemes and the pension charge represents the amounts payable by the Group lo the funds in respect of the year. Page 25 THEATRE ROYAL {PLYMOUTHI LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES {continuedl 2.16 FUND ACCOUNTING General funds are unrestricted funds which are available for use al the discretion of the Truslees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unreslricled funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes lo the financial stalemenls. Restricted funds are funds which are lo be used in accordan￿ with specific reslriclions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restrioted fund is set out in the notes lo the financial slatemenls. Investment incorRe, gains and losses are allocated lo the appropriate fund. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT Eslimales and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. Critical accounting eslimales and assumptions.. The Group makes estimates and assumplions conceming the futu￿, including provisions recognised and the useful life of assets. The resulting accounting eslimales and assumptions will, by definilion, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjuslmenl lo the carrying amounts of assets and liabilities within the next financial year are discussed below. Critical areas of judgement.. Provisions in their nature have a degree of estimation uncertainty due lo their size and nature. Management use their knowledge and previous experience to best estimate the amount of provisions on future loss making shows and for dilapidations and repairs required under tho terms of property leases. The estimated useful lrfe of heritage assets has been based on management's best estimate. However, it is subject lo uncertainty given the types of 8ssels held. Page 26 THEATRE ROYAL {PLYMOUTHI LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENEIED 31 MARCH 2025 INCOME FROM GRANTS, DONATIONS AND LEGACIES Unrestricted Restrictad funds funds 2025 2025 £000 £000 Total funds 2025 £000 GRANTS Arts Council England - Core Plymouth City Council Engagement & Lèarning grants The Clare Milne Trust Theatre Artist Fund Young Technicians Partnership Mackinlosh Foundation 1,210 265 1.210 265 182 17 65 182 17 65 29 29 TOTAL GRANTS 1,475 294 1.769 Donations Development income 246 374 249 396 22 TOTAL 2025 2,095 319 2.414 Pagè 27 THEATRE ROYAL IPLYMOUTHI LIMITED (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM GRANTS, DONATIONS AND LEGACIES {CONTINUED} Unrestricted funds 2024 £000 Reslricled funds 2024 £000 Total funcss 2024 £000 GRANTS Arts Council England - Core Plymouth City Council Engagement & Learning Grants Jerwood Arts Theatre Artist Fund Young Technicians Partnership Mayftower Culture Fund Stage One Mackinlosh Foundation Arca (The Box) 1,208 265 1,208 265 329 329 42 42 15 28 28 15 28 28 10 10 TOTAL GRANTS 1,483 448 1,931 Donations 131 133 Development income 356 356 TOTAL 2024 1.970 450 2,420 Engagement & Learning grant income includes grants awarded by Arts Councrl England for the Theatre's Flying With Colours project of £nil12024.. £100,0001- INCOME FROM CHARITABLE ACTIVITIES Unrestrlcted funds 2025 £000 Total funds 2025 £000 Total funds 2024 £000 Box Office 11,852 782 11,852 782 10,781 260 12 Theatre Rentals Co-producers, Conlfibulions Commercial Build Activity Other 1.478 2,053 1,150 1,478 2,053 1,150 2,267 160 TOTAL 2025 17,315 17,315 13,480 All of the prior year amounts were unreslricled. Page 28 THEATRE ROYAL IPLYMOUTHI LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM OTHER TRADING ACTIVITIES Income from non charitable trading activities Unrestricted funds 2025 £000 Total funds 2025 £000 Total funds 2024 £000 Catering & retailing 1.366 1,366 1.273 l of Ihe prior year amounts were unrestricted. INVESTMENT INCOME Unrostrlctad funds 2025 £000 Total funds 2025 £000 Total funds 2024 £000 Investment income 233 233 196 All of the prior year amounts were unreslricled. OTHER INCOMING RESOURCES Unrestrlcted funds 2025 £000 Total funds 2025 £000 Total funds 2024 £000 Insurance receipts 2,083 2,083 Following lengthy negotiations with our insurers, TRP made a successful claim in relation to Business Interruption for the Pandemic. The settlement of £2.1 m is now held in reserves, as agreed with the Arts Council England, and allocated to a range of projects lo be pursued over the coming yoar. Page 29 THEATRE ROYAL IPLYMOUTHI LIMITED (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Summary by fund type Unrestricted Rostricted funds funds 2025 2025 £000 £000 Tota 2025 £000 Theatre productions and educallon 20,097 799 20,896 Unrestricted funds 2024 £000 Restricted funds 2024 £000 Total 2024 £000 Theatre productions and education 16,718 1,010 17,728 10. ANALYSIS OF EXPENDITURE BY ACTIVITIES A¢tivltSes undertaken dlrectly 2025 £000 Support costs Total funds 2025 £000 2025 £000 Theatre productions and education 17,847 3,049 20.896 Acts'vilies undèrtsken directly 2024 £000 Support costs 2024 £000 Total funds 2024 £000 Theatre productions and education 14.983 2,744 17,727 Page 30 THEATRE ROYAL {PLYMOUTH} LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. ANALYSIS OF EXPENDITURE BY ACTIVITIES {CONTINUEDI ANALYSIS OF SUPPORT COSTS Theatre productions and education 2025 £000 Total funds 2025 £000 Total funds 2024 £000 Stsff costs Depreci81Son Marketing, development and hospilalily Finance Cleaning IT and adminislralion Governance costs 1,689 671 105 1.689 671 105 1,499 668 112 287 71 287 71 249 54 130 32 185 185 41 41 3,049 3,049 2,744 11. AUDITORS. REMUNERATION The audllors, remunaration amounts lo an auditor fee of £25,000 P024 £24.000). and non-audit servicès comprising corporation lax compulats'ons and financSal slalem6nl prèparation of £9.00012024 £8,500). 12. STAFF COSTS Group 2025 £000 Group 2024 £000 Company 2025 £000 Company 2024 £O(K) Wages and salarios Social secuiily costs Contribution to defined contribution pension schemes 6,063 508 5,188 432 5,692 489 4,851 414 210 179 203 173 6,781 5,799 6,384 5,438 Staff restructuring costs lolalling £100,00012024-. £nil} We￿ made in tha year lo 9 employees12024'. no employees). Page 31 THEATRE ROYAL IPLYMOUTHI LIMITED {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. STAFF COSTS ICONTINUEDI The average number of persons employed by thé Group during the year was as follows: Group 2025 No. Group 2024 No. Company 2025 No. Company 2024 Management and administration Venue staff Production staff Catering staff Cast Part-lime and casual staff 22 29 59 22 24 22 22 24 29 59 58 149 160 121 135 272 272 239 241 The average he8dcounl expressed as full-time equivalents was.. Group 2025 No. Group 2024 No. Company 2025 No. Company 2024 Management and administration Venue staff Production slaff Catering stsff Cast Part-time and casual staff 20 21 20 28 21 28 23 60 23 64 64 60 53 55 43 47 177 166 162 152 The number of employees whose employee benefits (excludlng employer pension ¢oslsl ex￿eded £60,000 was.. Group 2025 Group 2024 No. In the band £60,001- £70,000 In the band £70,001 £80,000 In the band £90.001 £100,000 In the band £120,001- £130,000 In the band £130,001- £140.000 Pension contributions were made on behalf of the above members of staff in respect of thelr services. An amount of £22,00012024 - £20.0001 was paid into personal stakeholder srhemes. Total remuneration paid lo key man8gemenl personnel Idefined as the executive team who held office for all or part of the yearl amounled lo £378,00012024.. £412,000). Pago 32 THEATRE ROYAL (PLYMOUTHI LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. TRUSTEES, REMUNERATION AND EXPENSES During tho year, no Trustees received any remuneration of other benefits {2024 - £NILI. During the year ended 31 March 2025. travel expenses tolalling £2,000 were reimbursed or paid directly 10 5 Trustees.12024 - £8,000 10 14 Trusleesl. 14. TANGIBLE FIXED ASSETS GROUP Long-lerm leasohold property £000 Offlee equlpment £000 Total £000 COST OR VALUATION At 1 April 2024 Additions Disposals 18,644 35 2,282 60 {651 20.926 95 165) Al 31 hAarGh 2025 18.679 2,277 20.956 DEPRECIATION Al 1 April 2024 Charge for the year On disposals ,777 447 1,601 202 1651 10,378 64g 1651 Al 31 March 2025 9,224 1,738 10,962 NET BOOK VALUE At 31 M8rch 2025 9,455 539 9.994 Al 31 March 2024 9,867 681 10,548 Page 33 THEATRE ROYAL IPLYMOUTHI LIMITED {A COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. TANGIBLE FIXED ASSETS (CONTINUED) COMPANY Long-term leasehold property £000 Office equipment £000 Total £000 COST OR VALUATION Al l April 2024 Additions Disposals 18,644 35 2.280 60 1651 20,924 95 (65} At 31 March 2025 18,679 2,275 20,954 DEPRECIATION Al 1 April 2024 Charge for the year On disposals 8,777 447 1,599 202 10.376 649 {65) {651 At 31 March 2025 9,224 1,736 10,960 NET BOOK VALLIE At 31 March 2025 9,455 539 9.994 Al 31 March 2024 9,867 681 10.548 Page 34 THEATRE ROYAL IPLYMOUTHI LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. HERITAGE ASSETS GROUP AND COMPANY Assets recognised at cost Heritage asset 2025 £000 C8rrying value al 1 April 2024 Additions Oeprecialion 502 16 (20) NET BOOK VALUE AT 31 MARCH 2025 498 Analysls of herlt8ge asset transactlons GROUP AND COMPANY 2025 £000 2024 £000 2023 £000 2022 £000 2021 £000 ADDITIONS Heritage assat 16 TOTAL ADDITIONS 16 CHARGE FOR DEPRECIATION Heritage asset 1201 {201 1201 1201 1201 TOTAL CHARGE 1201 1201 1201 1201 1201 Page 35 THEATRE ROYAL IPLYMOUTH} LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. FIXED ASSET INVESTMENTS PRINCIPAL SUBSIDIARY The following were subsidiary undertakings of the Company= Names Company number Holding Registered office or principal place of buslness Talklight Limiled 01572960 100° Theatre Royal. Royal Parade, Plymouth, PL12TR Prlnclpal actlvlty Class of shares Included in consolidation The company provides retailing, bar, and catering f2cililies. Ordinary Yes The financA81 results of the subsidiaries for the year were: Names Income £000 Expenditure £000 Profit for tho period £000 Net assets £000 Talklighl Limited 1,384 1940) 445 468 17. STOCKS Group 2025 £000 Group 2024 £000 Company 2025 £000 Company 2024 £000 70 Finished goods and goods for resale 95 101 65 Page 36 THEATRE ROYAL IPLYMOUTH) LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. DEBTORS Group 2025 £000 Group 2024 £000 Company 2025 £000 Company 2024 £000 DUE WITHIN ONE YEAR Trade debtors other debtors Prepayments and accnjed income Deferied taxab'on 508 1,006 200 260 508 258 64 470 1,004 189 63 471 1,715 797 1,701 792 19. CURRENT ASSET INVESTMENTS Group 2025 £000 4,000 Group 2024 £000 Company 2025 £000 4,000 Company 2024 £000 Fixed term deposits Page 37 THEATRE ROYAL IPLYMOUTHI LIMITED (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2025 £000 Group 2024 £000 Company 2025 £000 Company 2024 £000 Trade crodilors Amounts owed to group undertakings Other laxalion and social security Other creditors Accrltals and defer￿d income 245 419 213 354 335 173 724 420 144 177 728 5.565 139 670 9,467 671 9,479 5,552 10.539 6,889 10.909 7,138 Group 2025 £000 Group 2024 £000 Company 2025 £000 Company 2024 £000 Deferred income al 1 April 2024 Resources deferred during the year Amounts released from previous periods 4,900 ,672 14,9001 3,748 4,900 {3,7481 4,900 8,672 14,9001 3.748 4,900 13,748) 8,672 4,900 8,672 4,900 Deferred income represents money received in advance for tickets lo shows taking place in a future period, deferred income on commercial builds and other def8Fred income related lo grants. Deferred lickel sales have been split out between over and under 1 year where appropriate with refe￿n￿ to the Theatre programme. 21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group 2025 £000 Group 2024 £000 Company 2025 £000 Company 2024 £000 Accruals and deferred Income 259 259 Page 38 THEATRE ROYAL {PLYMOUTHI LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. PROVISIONS GROUP AND COMPANY Dilapidation Provlslons £000 Show Provlsions £000 VAT Provisions £000 Total £000 Al l April 2024 Additions Amounts used 47 89 49 63 199 49 (21 {891 1631 11541 45 49 94 Dilapidation provisions are made to account for expenditure necessary lo ensure leased buildings are relumed in accordance with the terms of the lease contract. Show provisions are made in respect of contracted shows where the Tr4Jslees' best estimate indicates a forecast deficlt. VAT provisions are made in respect of irrecoverable VAT on shows which was not invol￿d by the year end. The provisions are by nature eslimales and as such the actual amount of expenditure may vary from that provided for above. Page 39 THEATRE ROYAL IPLYMOUTHI LIMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. STATEPQIENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 March 2025 Éooo Balance at 1 April 2024 £000 Transfers Inlout £000 Income Exp9nditure £000 £000 UNRESTRICTED FUNDS DESIGNATED FUNDS Deferred Artistic Funds Drum RefLJrbishmenl Reserve Digital Strategy Reserve MMI Fund Staff Obligations Branding Capital Feasibility Transformation Summer 2026 Production Ticketing Initiative Creative Ctsmmissions PlaGemaking Future Investment Fund Transform Governance Improvements Dilapidations Auditorium and S18ge Lighting 91 337 20 205 91 311 {261 20 205 1,222 200 300 65 300 1.327 {1051 200 300 65 300 100 100 200 818 125 100 100 200 818 (2) 123 22 22 300 150 {35) 265 150 2,452 2,208 11681 4,492 GENERAL FUNDS General Funds 746 20,885 120,9941 141 633 TOTAL UNRESTRICTED FUNDS 3,198 23.093 {21.162) {41 5,125 Page 40 THEATRE ROYAL {PLYMOUTHI LIMITED {A COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. STATEMENT OF FUNDS {CONTINUED) Balance at 31 March 2025 £000 Balanee 8t 1 Aprll 2024 £000 Transfers Inlout £000 Income Expendlture £000 £000 RESTRICTED FUNDS Production & Education Centre Capital Appeal Fund Regeneralion Project Engagement & Le8ming Joan Lucas Fund Theatre Artist Fund Claire Milne Trust The Backstage Trust Jerwood Arts The Mackinlosh Foundation Stage One Funding 3.970 157 5,372 189 11661 151 12481 12301 121 {541 {17} {26} {10) {281 {13} 3,804 152 5,124 167 207 33 65 17 47 15 13 29 16 9,787 319 1799) 9.311 TOTAL OF FUNDS 12,985 23,412 {21,961) 14,436 Page 41 THEATRE ROYAL IPLYMOUTHI LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. STATEMENT OF FUNDS {CONTINUED> STATEMENT OF FUNDS- PRIOR YEAR Balan￿ al 31 March 2024 £000 Balance al 1 April 2023 £000 Transfers inloul £000 Income ExpÈndilure £000 £000 UNRESTRICTED FUNDS DESIGNATED FUNDS Engagement & Leaming Deferred Artistic Funds Mayfiower Reserve Drum Refurbishment ReseTve Digilal Strategy Reserve MMI Fund Staff Obligations Dressing Room Project Governance Improvements Dilapidaliorbs Auditorium and Stage Lighting 32 322 162 1321 1891 11261 72 12141 136} 1261 91 363 20 337 20 205 205 1,327 30 22 308 150 1,327 {30) 22 300 150 {81 2,941 72 1284) 12771 2,452 GENERAL FUNDS General Funds 1,174 16,823 117,4961 245 746 TOTAL UNRESTRICTED FUNDS 4,115 16,895 {17,7801 {32) 3,198 Page 42 THEATRE ROYAL {PLYMOUTHI LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. STATEMENT OF FUNDS (CONTINUED) Balan￿ al 31 March 2024 £000 Balance at 1 April 2023 £000 Transfers inlout Income Exponditure £000 £000 £000 RESTRICTED FUNDS Production & Education Centre Capitsl Appeal Fund Regeneration Project Engagement & Learning Joan Lucas Fund Theatre Artlst Fund Maffjower- Plymouth Culture The Backstago Trust Jerwood Arts The Mackinlosh Foundation 4,136 162 5,622 270 11661 (5) 12501 14681 171 3,970 157 5,372 189 355 32 42 15 33 {15) (331 1291 1131 1151 59 26 36 28 28 15 13 stage One Funding 10,292 473 {1,0101 32 9,787 TOTAL OF FUNDS 14,407 17,368 118,7901 12,985 Page 43 THEATRE ROYAL IPLYMOUTHI LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. STATEMENT OF FUNDS ICONTINUEDI Desi nated funds.. 2024-25 The designalod funds are aligned to projects which support the charitable aims of the Group. The Deferred Artistic Fund is sel aside lor investment in new small-mid scale proéuclions. The Drum Refurbishment ReseNe was established lo support works lo upgrade our Drum stage and auditoriLtm. The b21ance on this fund represents the net book value of the refurbishment of the auditorium and will be reduced in line with the annual depreciation charge for the work. The MMI Fund represents funds d8sign8led for the MMI conlingenl liability. For further details see note 29. The Trustees have been mindful of the challenges of the past few years. Staff Obligations is a fund designated lo reflect the lolal obligation to staff in the event of TRP having lo close. Although we are confident that we remain a going concem this sum has been separately calculated and identified as part of our resetves policy, lo ensure that a correct minimum level of reserve is maintained during this still uncertain lime. During the y8ar the Trustees designated some reseN8s to support doveloping projects= A significant rebranding exercise Preparation for large capital works lo resolve some infrastructure concerns al the theatre Support for a large-scale musical for summer 2026 An initiative lo create more accessible lickels for the people of Plymouth Some individual commissions Funds lo priorilise Plymouth as a creative place within the industry and nationally A resource for future large scale production planning Dilapidalions.. We have also Considered our longer-lerm dilapidalions18s1de from our legal obligations covered by the provision in note 22} and cyclical repair liabilities. In the past these have been covered by our operating budgets but, as they can vary significantly from year to year, they can distort our core operating results, so we designated a fund lo provide for these over the nexi few years. Auditorium & Stage Lighting-. We have designated £150k in recognlllon of the need lo replace our auditorium and stage lighting with a modern, more efficient system. Whilst elements of this may be capitalised and depreciated over an agreed useful life, this reserve signlfies an intent lo press ahead with this project wh8n a suitable break in Ihe programme allows. The extènt of the project is enormous, so this fund offers an opportunity for fe8sibilily work or rnalch funding thereafter. Desi nated funcls.. 2023-24 The Engagement & Leaming work has undergone some restructuring during the year with the emphasis now on projects supported by restricted funds. All the remaining projects have been ralionalised and the small remaining designaled funds that were reallocated lo re81ricled funds The Maffjower Resetve was established to earm8rk funds for e large-scale Community production (originally planned for 2020 and subs8quently deferred until 2023) to mark 400 years since the ma￿lower sel sail from Plymouth. The production, We Are The Land, look place in April 2023 and, most importantly, was focussed on the expèrience of the Wampanoag Community from the USA. Funds were pul aside lo de-risk this projecl whist external funding sources were identified. Now that the work is complete these designated funds can be released back into the general fund. Restrict6d funds The Reslricled Reserves represent amounts raised by or re￿iVed from third parties for capital or revenue prolecls. Reslricled Funds in resp8cl of the Regeneration Project and the Production & Page 44 THEATRE ROYAL IPLYMOUTH) LIMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. STATEMENT OF FUNDS {CONTINUEDI Education Centre consist primarily of grants and donations. The grants are seGured on the assets to which they relate and are repayable in certain circumstances. Engagement & Learning reslricled funds oomprise the unspent portion of grants and fundraising for specific projects. The ftjnds from the Clare Milne Trust were given lo support the building of specSalised access toilet facilities. The remainlng reslricled funds have been given for Ir8ining and davelopment within specific theatre- related roles. 24. STATEMENT OF FUNDS {CONTINUEDI The Charily is extremely grateful lo the following supporters of our wde ranging programme of Engagement & Learning and other activities- Supporter Associated British Ports Associated British Ports BBC Children In Need Big Lollery Clare Milne Trust Joan Lucas Nudge Commur)ily Builders Paul Hamlyn Foundation Pennon Group Princess Yachts The Emerald Group The National Lottery Community FLJnds The Nalional Theatre The Veterans. Foundation Womble Bond Dickinson Prolect Tiny Tales Schools Young Company Hubs Dare to Dazzle Funky Llama Changing Places Project The Joan Lucas Fund U Dance Tiny Tales Schools Young Comp8ny Hubs- Pennon Playhouse 24 & Playhouse 25 Young Company- Create Our spa￿ 2023-27 NT Connections Our spa￿ Veterans, Project Young Company- TR2 21 st Birthday Performance 25. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Unrestrlcted Restrlcted funds funds 2025 2025 £000 £000 Total funds 2025 £000 Tanoible fixed assets Heritage assets Current assets Creditors due within one year Provisions for liabilities and charges 1,049 8.945 499 9.994 499 14,575 (10,5391 1941 14,575 {10,4061 1941 (1331 TOTAL 5,124 9,311 14,435 Page 45 THEATRE ROYAL (PLYMOUTHI LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 25. ANALYSIS OF NET ASSETS BETWEEN FUNDS ICONTINUEDI ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unrestrrcted funds 2024 £000 Reslricled lunds 2024 £000 Total funds 2024 £000 Tangible fixed assets Heritage assets Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges 464 10,084 502 10,548 502 9,280 16.8891 12591 11991 9.280 16,0901 12591 11991 {7991 TOTAL 3,196 9.787 12,983 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 26. Group 2025 £000 Group 2024 £000 Nel Incomelexpenditure for the year las per Slalement of Financial Aclivitiesl 1.451 11,422) ADJUSTMENTS FOR.. Depreciation charges Bank interest rec8iV8d Decreasellincreasel in stocks Increase in debtors Increase in Creditors Increaselldecrease) in provisions 670 {2331 669 11961 {31 11011 997 {531 19181 3.390 11031 NET CASH PROVIDED BYIIUSED INI OPERATING ACTIVITIES 4,262 {109) Page 46 THEATRE ROYAL (PLYMOUTHI LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 27. ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2025 £000 Group 2024 £000 8,381 Cash al bank and in hand 8.765 28. ANALYSIS OF CHANGES IN NET DEBT At 1 Aprll 2024 Cash flows £000 At 31 March 2025 £000 £000 8,381 Cash al bank and in h8nd Llquid investments 384 4,000 8,765 4,000 29. CONTINGENT LIABILITIES During the 1990s the Thealre entered into a mutual insurance agreetnenl with munI￿paI Mutual Insurance IMMII. MMI has since enlered into a Scheme of Arrangement and this Scheme has raised a levy on the lolal paymenis made under its policies as al December 2013. There has been no further action on these levies for several years and there have been no further demands for payment. There is a designated fund allocated lo cover the possibility of any SUC￿ssful demand for payment. Page 47 THEATRE ROYAL IPLYMOUTHI LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 30. PENSION COMMITMENTS The Group operates two defined contributions pension schemes. The assets of the schemes ar8 hgld separately from those of the Group in independently administered funds. The pension cost charge represents conlribulions payable by the Group lo the funds and amounted lo £201.000 12024-. £177,000). Contributions lolaling £32,OOQ 12024.. £28,000) were payable lo the fund al the reporting dale and are included in creditors. 31. RELATED PARTY TRANSACTIONS o￿ng to the nature of the Charity and the composition of the Board of Trusloes being drawn from local public and private sector organisalions, transactions may lake place with organisalions in which the trustees have an interest. All Iransa¢lions involving such organisalions are conducted in accordance with the requirements of the Charity Commission, and with the Charitvs financial regulations and normal procurement procedures relating lo related party Iransaclions. The following related party transactions t¢)ok place in the period.. The Charity recoived the disbursement of 8 grant tolalling £2,750 12024.. £24,750) from Nudge Community Builders, a society in which a Trustee is a director. The Charity made sales of £12,640 {2024.' £18,094) and purchases of £20,99512024.. £40,690) from Arts University Plymouth, a charity in which a Trustee is also a Trustee. There were no balances outstanding at the year end in respect of these transactions. The Charily made sales of £2.300 12024.. £11,770) lo Weslcolls (SWI LLP, a company in which a Trustee is a director. A balance of £nil12024.. £1,529) was owed lo the Charity at the year end. The Charity made sales of £3,86512024.. £1,520) to Devonport High School for 8oys, an Academy Trust in which a Trustee is also a Trustee. There were no balances outstanding al the year end in respect of these transactions {2024-. £nill. The Charlly made purchases of £15012024= £nil) from Barbican The8lre, a charity in which a Trustee's wife is on the B02rd. There were no balances oulslanding al the year end in respect of Ihese transactions. 32. CONTROLLING PARTY The Group is controlled by Ihe Board of Trustees. Page 48